In contrast to personal bankruptcy, there is regular bankruptcy. Because entrepreneurs also have the opportunity to file for bankruptcy with their company. If this is the case, one speaks of corporate bankruptcy. A special insolvency procedure is used for such corporate insolvency. The aim of this is to free the bankrupt company from its debts or to manage it after over-indebtedness and then to reorganize it. Process of a corporate bankruptcy procedure But how does such an insolvency procedure actually work? Who is responsible for implementation and are there any differences in terms of the type of company? Three stages of corporate bankruptcy The procedure for standard insolvency normally takes place in three consecutive phases. It begins with filing the application for bankruptcy, followed by an opening procedure and finally ends with the actual bankruptcy procedure. Application to open insolvency proceedings Before a regular procedure can even be initiated, a…
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